The Odisha cabinet on Thursday approved the draft full-fledged budget of Rs 80,000 crore for 2014-15 fiscal at its first meeting presided over by chief minister Naveen Patnaik at the State Secretariat here.

With the approval of the budget by the cabinet, Finance minister Pradip Kumar Amat would present the Budget in the current session of the State Assembly on June 17.

The cabinet also approved a proposal for an Open University in line with the Indira Gandhi National Open University in the state. The state government would formulate a new law for the setting up of the proposed university that would lay more emphasis on distance education and capacity building.

It also approved the proposal of the Urban Development department to hand over seven high schools, four ME schools and three Lower Primary schools managed by the department to the School and Mass Education department.

It also decided to constitute a Disaster Recovery Fund for slum dwellers.